Sui's price rose for the second day in a row on Friday, hitting an all-time high of $4.49 after rising more than 20% so far this week. The rally was further fueled by the announcement that the integration of Phantom Wallet and the Sui blockchain resulted in record-breaking on-chain metrics. The technical outlook suggests a continued rally towards the all-time high of $5.68.
Sui (SUI) extended its gains on Friday, hitting an all-time high (ATH) of $4.49, surging more than 23% so far this week. The main reason for the rise is Thursday’s announcement that Phantom Wallet will be integrated with the Sui blockchain.
Another factor supporting Sui's bullish outlook is that daily trading volume, locked total value (TVL), and open interest (OI) on Sui's network are at record levels. The technical outlook suggests a continuation of the rally and a possible new all-time high of $5.68.
Why is SUI rising today?
Sui price rose 2.2% to reach a new ATH of $4.49 on Friday. The main reason for the recent price hike was Thursday’s announcement of the integration of Phantom Wallet with the Sui blockchain, which led to a sharp 15% daily increase.
This integration will improve Sui's ease of use and give users access to features such as staking, token swaps, and NFT storage, increasing its appeal and user base.
breaking news @phantom is coming to the Sui ecosystem!
I only have one wallet. Endless possibilities. Intuitive multi-chain functionality. ✨
From native bridges to seamless asset swaps, you'll soon be able to explore everything Sui has to offer using the wallet trusted by millions. pic.twitter.com/8jnDAgJUns
— Sui (@SuiNetwork) December 5, 2024
Technical outlook: Sui's uptrend is likely to continue
Sui price reached a new ATH of $4.49 on Friday after breaking above the previous ATH of $3.93 on Thursday.
If SUI continues its uptrend, the rally could widen until it tests the 141.40% Fibonacci extension level of $5.68 from the October 28 low of $1.59 to Friday's high of $4.49.
The relative strength index (RSI) on the daily chart is 76, above the overbought level of 70. Traders should be careful when increasing their long positions, as the likelihood of a decline in prices has increased. Still, the RSI is stable, so the rally could continue and push the indicator above the overbought level. If the RSI breaks out of overbought territory, a clear sell signal occurs.
SUI/USDT daily chart
SUI’s on-chain metrics support bullish outlook
Data from cryptocurrency intelligence tracker Santiment Data shows that trader interest and liquidity in the SUI chain has surged recently. On Thursday, SUI's daily trading volume reached $4.57 billion, its highest level since its inception.
SUI daily trading volume chart. Source: Santiment
Open interest (OI) for SUI futures on the exchange rose from $813.45 million on Thursday to $991.51 million on Friday, reaching its highest level since its launch in May 2023, according to Coinglass data. . An increase in OI means new or additional funds are flowing into the market. There was new buying, suggesting that the Sui price may rise in the future.
SUI open interest chart. Source: Coin Glass
Meanwhile, Sui's TVL increased from $1.65 billion on Tuesday to a new ATH of $1.85 billion on Friday, according to data from cryptocurrency intelligence tracker DefiLlama. This TVL increase signals increased activity and interest within the Sui ecosystem, suggesting more users will deposit and utilize assets within SUI-based protocols, and is a bullish move. Adds credibility to the outlook.
SUI TVL Chart. Source: Defilama
